The African Development Bank has reinforced its dedication to regional integration, highlighting the transformative potential of the African Continental Free Trade Area (AfCFTA) in creating a united market that could boost intra-African trade by 52 percent by 2035.
"Africa's economic transformation hinges on our capacity to integrate," stated Dr. Joy Kategekwa, Africa Development Bank Director of Regional Integration, during a high-level ministerial roundtable in Casablanca. "The AfCFTA presents a significant opportunity to establish a unified market, unleash business potential, drive industrialization, and generate employment."
The ministerial roundtable, organized by the African Leadership Organization, brought together African ministers, private sector leaders, and financial partners to explore opportunities within the AfCFTA framework and develop concrete mechanisms for policy alignment, infrastructure, development, and trade enhancement.
"Integration is not just about moving goods; it is about ensuring the free flow of people, ideas, and opportunities," Dr. Kategekwa emphasized. The African Development Bank is committed to fostering this progress through strategic support and investments."
Unlocking a $3.4 Trillion Market
The AfCFTA represents a market of 1.5 billion consumers and a combined GDP of $3.4 trillion. To capitalize on this potential, the Bank has made substantial investments in strategic infrastructure, including transport corridors, ports, airports, and railways, while also providing trade facilitation instruments such as credit lines for trade development.
Dr. Kategekwa identified two key priorities for advancing regional integration: Harmonizing trade standards to facilitate cross-border exchange and investing in digital infrastructure to enhance SME access to continental opportunities.
Co-Industrialization to Build a Sovereign and Competitive Africa
The Bank is promoting an ambitious co-industrialization strategy to strengthen Africa's sovereignty and competitiveness. "Strengthening our industrial synergies is essential for Africa's emergence," Kategekwa noted. "We are working to position each of our countries' comparative advantages within the continent's value chains."
The roundtable concluded with participants pledging to accelerate the effective implementation of the AfCFTA through coordinated actions aimed at building a more integrated, productive, and innovative Africa.
